QHSLab (USAQ) 10-K 26 Feb 14 2012 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2012
Document and Entity Information	'
Entity Registrant Name	'American Biogenetic Sciences Inc.
Document Type	'10-K
Document Period End Date	31-Dec-12
Amendment Flag	'false
Entity Central Index Key	'0000856984
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	1,088,740
Entity Public Float	$65,748
Entity Filer Category	'Smaller Reporting Company
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'No
Entity Well-known Seasoned Issuer	'No
Document Fiscal Year Focus	'2012
Document Fiscal Period Focus	'FY

American_Biogenetic_Sciences_I

American Biogenetic Sciences, Inc. - Balance Sheets (USD $)	Dec. 31, 2012		Dec. 31, 2011
Cash	$0		$0
Total current assets	0		0
Total Assets	0		0
Accounts payable - trade	9,568		7,568
Accrued interest expenses	29,640		20,520
Convertible note, related party	76,000		76,000
Advances from and accruals due to related party	187,613		129,113
Total current liabilities	302,821		233,201
Total liabilities	302,821		233,201
Preferred stock	'	[1]	'	[1]
Common stock	109		109	[2]
Additional paid in capital	46,191		46,191
Accumulated deficit	-349,121		-279,501
Total Stockholders' Deficiency	-302,821		-233,201
Total Liabilities and Stockholders' Deficiency	$0		$0
[1]	$0.0001 par value; 10,000,000 shares authorized; none issued
[2]	$0.0001 par value; 100,000,000 shares authorized; 1,088,740 issued and outstanding at December 31, 2012 and 2011

American_Biogenetic_Sciences_I1

American Biogenetic Sciences, Inc. - Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Revenue	$0	$0
General and administrative	60,500	67,896
Interest expenses	9,120	9,120
Total costs and expenses	69,620	77,016
NET LOSS	($69,620)	($77,016)
Basic and diluted net loss	($0.06)	($0.07)
Basic and diluted	1,088,740	1,088,740

American_Biogenetic_Sciences_I2

American Biogenetic Sciences, Inc. - Statement of Stockholders' Equity (Deficiency) (USD $)	Common Stock, Share	Common Stock, Amount	Additional Paid-In Capital	Accumulated Deficit	Total Shareholders' Deficiency
Balance at Dec. 31, 2010	$1,088,740	$109	$46,191	($202,485)	($156,185)
Net loss year end	'	'	'	-77,016	-77,016
Balance at Dec. 31, 2011	1,088,740	109	46,191	-279,501	-233,201
Balance at Dec. 31, 2011	'	'	'	'	'
Net loss year end	'	'	'	-69,620	-69,620
Balance at Dec. 31, 2012	$1,088,740	$109	$46,191	($349,121)	($302,821)

American_Biogenetic_Sciences_I3

American Biogenetic Sciences, Inc. - Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Net loss	($69,620)	($77,016)
Expenses paid by issuance of common stock	0	0
Fair value of services provided by related parties	56,000	61,000
Increase (decrease) in accounts payable and accrued expenses	11,120	13,016
Cash flows used by operating activities	-2,500	-3,000
Cash used in investing activities	0	0
Procceds from related party borrowings	2,500	3,000
Cash generated by financing activities	2,500	3,000
Change in cash	$0	$0

Notes_to_the_Financial_Stateme

Notes to the Financial Statements	12 Months Ended
	Dec. 31, 2012
Notes to the Financial Statements	'
Note 1. The Company	'
	Note 1. The Company
	American Biogenetic Sciences, Inc. (the "Company", “We” or "ABS") was incorporated in Delaware on September 1, 1983. Prior to ceasing its operations in 2002, the Company was engaged in the research, development and production of bio-pharmaceutical products. On September 19, 2002, the Registrant filed for bankruptcy under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District of New York. On November 4, 2005, the Company emerged from Bankruptcy Court. On August 13, 2010, the Company’s sole officer/director transferred and assigned his control stock position to an unrelated third party but remained as the Company’s sole executive officer/director.
Note 2. Going Concern	'
	Note 2. Going Concern
	The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred losses, has negative operational cash flows and has no revenues. The future of the Company is dependent upon Management's success in its efforts and limited resources to pursue and effect a business combination. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty.
Note 3. Basis of Presentation	'
	Note 3. Basis of Presentation
	The Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. In the opinion of management, the accompanying audited financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows.
	Accounting Policies
	Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.
	Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents.
	Fair Value of Financial Instruments: ASC # 825, "Disclosures about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2012. These financial instruments include accounts payable and accrued expenses. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values.
	Earnings per Common Share: Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of issued and outstanding preferred stock. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding as of December 31, 2012 or 2011.
	Income Taxes: The Company accounts for income taxes in accordance with ASC # 740, "Accounting for Income Taxes," which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.
	ASC 740 also clarifies the accounting for uncertainty in tax positions. This guidance prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more-likely-than-not” to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. There are no uncertain tax positions taken by the Company on its tax returns. Tax years subsequent to 2005 remain open to examination by U.S. federal and state tax jurisdictions.
	Management of the Company is not aware of any additional needed liability for unrecognized tax benefits at December 31, 2012 and 2011. The Company has net operating losses of about $349,121, which begin to expire in 2023.
	Impact of recently issued accounting standards
	There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position.
Note 4. Stockholders' Deficit	'
	Note 4. Stockholders' Deficit
	Common Stock
	The articles of incorporation authorize the issuance of 900,000,000 shares of common stock, par value $0.0001. All issued shares of common stock are entitled to one vote per share of common stock.
	Preferred Stock
	The articles of incorporation authorize the issuance of 10,000,000 shares of preferred stock with a par value of $0.0001 per share. None are issued
	Stock Based Compensation
	There were no grants of employee or non-employee stock or options in either fiscal period ended December 31, 2012 and 2011.
Note 5. Convertible Notes to Related Party	'
	Note 5. Convertible Notes to Related Party
	In October 2009, we issued a convertible promissory note in the amount of $76,000 to our sole officer/director. The note bears interest at the rate of 12% per annum until paid or the note and accrued interest is converted into shares of the Company's common stock at a conversion price of $0.001 per share. The note was issued in consideration of cash advances made and for services provided to the Company by the sole officer/director, who was also the Company's controlling shareholder. On August 13, 2010, the Company's sole officer/director transferred and assigned his control stock position to an unrelated third party but remained as the Company's sole executive officer/director. In connection with the August 2010 change in control, the convertible note payable to sole officer/director together with accrued interest was also verbally assigned to the new controlling shareholder.
	In accordance Accounting Standard Codification ( “ASC # 815”), Accounting for Derivative Instruments and Hedging Activities, we evaluated the holder’s non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the note to determine whether the features qualify as an embedded derivative instruments at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments.
Note 6. Related Party Transactions	'
	Note 6. Related Party Transactions
	Fair value of services: Our sole officer/director provides services to the Company, which services are accrued and are valued at $2,000 per month. The total of these accrued expenses for the period ended December 31, 2012 was $24,000 and is reflected in the statement of operations as general and administrative expenses.
	An entity controlled by the Company’s sole officer/director provided office space to the Company valued at $1,000 per month. The total of $12,000 during the year ended December 31, 2012 was recorded as accrued expenses and is reflected in the statement of operations as general and administrative expenses.
	An entity controlled by the Company’s sole officer/director provided corporate securities compliance services to the Company valued at $20,000 during the year ended December 31, 2012, which was recorded as accrued expenses and is reflected in the statement of operations as general and administrative expenses.
	Due Related Parties: Amounts due to related parties consist of fair value of services provided by our sole officer/director, accrued office space expenses, corporate regulatory compliance expenses and cash advances received from our controlling shareholder. Such items due totaled $187,613 at December 31, 2012 and $129,113 at December 31, 2011.
Note 7. Commitments and Contingencies	'
	Note 7. Commitments and Contingencies
	There are no pending or threatened legal proceedings as of December 31, 2012. The Company has no non-cancellable operating leases.
Note 8. Subsequent Events	'
	Note 8. Subsequent Events
	The Company evaluated its December 31, 2012 financial statements for subsequent events, through February 26, 2014, the date the financial statements were issued and there were no subsequent events that will affect the December 31, 2012 financial statements.